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Exxon smashes Western oil majors' earnings record with $59 billion profit By Reuters

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⚠️BREAKING: *EXXON SHARES SLUMP AS Q4 REVENUE LAGS WALL STREET ESTIMATES DESPITE RECORD $59 BILLION PROFIT - $XOM

) posted $59 billion in adjusted profit for 2022, the company said on Tuesday, taking home more than $6.7 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.

"Overall earnings and cashflow were up pretty significantly year on year," Exxon Chief Financial Officer Kathryn Mikells told Reuters."So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Windfall profit taxes are"unlawful and bad policy," countered Mikells. Slapping new taxes on oil earnings"has the opposite effect of what you are trying to achieve," she said, adding it would discourage new oil and gas production.

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